Continental Finance Company Announces Ratings Upgrades and Affirmations For CFCCMT Notes

WILMINGTON, Del., Aug. 22, 2024 /PRNewswire/ — Continental Finance Company, LLC (“CFC”) is pleased to announce Kroll Bond Rating Agency (“KBRA”) has upgraded its ratings on two classes of notes and affirmed its ratings on eight classes of notes issued from the three Continental Finance Credit Card ABS Master Trust (“CFCCMT”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the upgraded and affirmed ratings. A summary of the ratings actions undertaken is as follows:

“Series 2020-A represented the inaugural issuance out of our master trust” said Tamer El-Rayess, CFC’s Chairman & CEO. “We are proud to offer, in conjunction with our partner banks, a vital product for consumers so they can make purchases online, and pay for essential items such as groceries, without having to handle cash. Additionally, given the inflated cost of core items relative to the moderate income of these consumers, CFC’s credit card products are critical to bridge these household’s ability to purchase these vital items in between paychecks,” added El-Rayess.

CFC President Steve McSorley noted, “Not only are these credit card products essential to the underserved consumer, but the performance of our portfolio during periods of economic stress illustrates the resilience of these products. Unlike prime credit products with high balances, the consumers that CFC services view their credit card account as one of their most important financial tools in the conduct of their everyday life. We observe counter cyclical behavior during times of stress, as opposed to the prime credit card market.”

About Continental Finance Company

Founded in 2005, Continental Finance Company is dedicated to being the leading marketer and servicer of credit cards to the near prime market. Its mission is simple, yet clear. The company aims to help customers build both their credit and financial futures, while providing white glove treatment they do not receive elsewhere. It measures its success by the customers’ financial success and strives for 100% customer satisfaction.

The company always thinks of the customer first, helping them to bank better throughout their credit building process. The goal is to establish trust, confidence, and value, by delivering an unrivaled experience throughout the rebuilding of their credit journey. The company aims to prove its value and remain the credit card of choice, earning their loyalty in the hope we remain part of their life-long credit card journey.

SOURCE Continental Finance Company, LLC